Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following account balances for the current year.

	Debit		Credit
Advertising expense	$	49,000
Cost of goods sold		236,000
Depreciation expense		47,000
Interest expense		5,000
Interest revenue			$	30,000
Loss on closing of branch		134,000
Professional fees		96,000
Rent expense		41,000
Revenues				642,000
Salaries expense		95,000

Prepare an income statement for this organization. The effective tax rate is 30 percent (realization of any tax benefits is anticipated). (Negative amounts under "Reorganization items" should be indicated by a minus sign.)

I ONLY NEED THE INCOME TAX BENEFIT ALL OTHER ANSWERS ARE BELOW

Revenues

ADDISON CORPORATION
Income Statement
Revenues		$642,000
Costs and expenses:
Cost of goods sold	$236,000
Rent expense	41,000
Salaries	95,000
Depreciation expense	47,000
Advertising expense	49,000
Interest expense	5,000
		473,000
Earnings before reorganization items and tax effects		$169,000
Reorganization items:
Loss on closing of branch	(134,000)
Professional fees	(96,000)
Interest revenue	30,000
		(200,000)
Loss before income tax benefit		$(31,000)
Income tax benefit
Net loss		$

ADDISON CORPORATION
Income Statement
Revenues		$642,000
Costs and expenses:
Cost of goods sold	$236,000
Rent expense	41,000
Salaries	95,000
Depreciation expense	47,000
Advertising expense	49,000
Interest expense	5,000
		473,000
Earnings before reorganization items and tax effects		$169,000
Reorganization items:
Loss on closing of branch	(134,000)
Professional fees	(96,000)
Interest revenue	30,000
		(200,000)
Loss before income tax benefit		$(31,000)
Income tax benefit
Net loss		$